Phoenix Real Estate, Where are We?

By Tony Marriott • December 22nd, 2009

Phoenix Real Estate, Where are We?

When it comes to Phoenix real estate the general sentiment appears to be that of putting 2009 in the past and looking forward to a brighter 2010.  Looking at where we are and where we are headed as far as AZ real estate goes will take us from the present into the future. 

Currently Phoenix AZ home values are affordable, because prices are low and interest rates are low.  Both of these low levels add up to the fact that it is a great time to be a buyer when it comes to real estate.

Interest rates have been hovering at 5% or lower for the better part of the past year, a trend that cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise. 

While home prices still may drop in many areas of the country, they will not drop much more.  Areas that are less affected by AZ foreclosures, Arizona short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.

In a nutshell now is a great time to buy if you have been waiting for the right time to plunge into the Arizona real estate market.  Take advantage of low interest rates while they are here.  It is a buyer’s market now, it won’t be forever.

For an interesting analysis of the real estate conditions and a forecast of 2010, by CNN Money, click here. 

If you are interested in Phoenix AZ homes for sale or Phoenix Luxury Homes, please contact Tony Marriott, a Phoenix AZ Realtor.  Tony Marriott can be reached at 623-910-8988 or email him at Tony@HavenExpress.com

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